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Coliseum Capital Keeps Increasing Stake in Accuride

Coliseum Capital’s Christopher Shackelton And Adam Gray are still bullish on Accuride Corporation (NYSE:ACW). In a recent Form 4 filing with the Securities and Exchange Commision, the fund has reported the acquisition of a little over 270 thousand shares. The transactions have been conducted at a price of $3.3 and $3.32 per share, with Coliseum currently holding 8,197,433 shares.

Accuride Logo

James Dinan‘s York Capital Management has also been betting on Accuride Corporation, with the fund holding approximately 2 million shares reportedly worth a little over $10 million. Roger Keith Long, the manager of Otter Creek Management, has actually been reducing his fund’s exposure to this stock. Otter Creek Management decreased their holding of Accuride Corporation by 280 thousand shares and currently holds 1 million shares worth a little over $5 million. One fund that has liquidated their investment in Accuride is Fine Capital Partners, managed by Debra Fine. The fund previously owned 860 thousand shares.

In the first half of 2013, Accuride’s stock registered a significant advance, from $3.3 per share in January to $6.88 – the July high. Since then the share price has been in a downtrend, currently at $3.36. The stock has a beta of 3.27, making it a fairly volatile one, and does to pay a dividend.

Accuride has recently reported their financial performance for the third quarter of 2013. According the SEC filing, the company registered revenues of $155 million, a 17% decrease compared to the same period last year. Accuride also reported a loss per share of $0.39. For the current quarter, market participants expect revenues of $141 million and a loss per share of $0.16. Analysts are fairly bullish on this stock, recommending it as a Buy and Strong Buy and having set a price target of approximately $4.13 per share.

Disclosure: none

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